The Preakness Stakes is a prestigious American thoroughbred horse racing event held annually on the third Saturday of May. While it is not as popular as the Kentucky Derby, it is still a popular race amongst bookies, horse racing fans and sports gamblers. Thus, Our Bookie’s Guide to the Preakness Stakes will cover everything bookmakers needs to know about this horse racing event.
The Preakness is the second leg of the Triple Crown, following the Kentucky Derby and preceding the Belmont Stakes. Every year, the race is held a t the Pimlico Race Course in Baltimore, MD. This year the race will take place on Saturday, May 18, 2024. Post time for the race will be at 6:50 PM ET. This means that bettors must have the Preakness Stakes wager before that time!
Needless to say, betting on the Preakness Stakes is a significant part of the excitement surrounding the race.
The History of the Preakness Stakes
The Preakness Stakes has a rich history in American thoroughbred horse racing starting with their first run in 1873. This racing event was made just two years after the inaugural Kentucky Derby. In addition, it is named after a colt called Preakness, who won the Dinner Party Stakes at Pimlico in 1870.
Originally, the Preakness was a 1 1/2-mile race. However, in 1925, it was shortened to 1 3/16 miles to match the distance of the Kentucky Derby.
The Preakness is affectionately known as the “Run for the Black-Eyed Susans”. This nickname refers to the blanket of black-eyed Susan flowers traditionally put over the winning horse.
The Preakness Stakes is the second most attended horse race in North America, consistently drawing larger crowds than other prestigious races such as the Belmont Stakes and the Breeders’ Cup. The 145th edition of the Preakness Stakes took place on Saturday, October 3, 2020, amidst the COVID-19 pandemic, leading to the event being held without spectators for safety reasons.
Following the approval of a bill by the Maryland General Assembly in April 2024, Maryland thoroughbred racing will be consolidated at Pimlico with plans for the reconstruction of the facility. Consequently, the Preakness Stakes is set to be relocated to Laurel Park in 2026 before making its return to Pimlico in 2027.
Bookie’s Guide to the Preakness Stakes – Why Bookies Care about the Race
While the Preakness stake betting handle is not as large as the Kentucky Derby, it is still a substantial amount. Especially for a race that only takes a few minutes to complete! The Preakness Stakes averages a sports betting handle of at least $50 million per event. Especially since those are only the numbers that the Pimlico Race course. Therefore, for current racebooks or anyone planning on opening an online racebook, this is a substantial amount of money.
The highest horse betting handle at the Preakness stakes was $99.852 million during the 144th Preakness stakes in 2019.
In 2023, gamblers made $54.56 million wagers on the Preakness Stakes. While it was a 16% drop over the previous year, it remains a substantial amount. Especially since those are only the numbers that the Pimlico Race course.
In addition, across all 14 races held at Pimlico Race Course on Preakness Day 2023, the overall handle was $100.2 million. This figure reflects a 5% decrease compared to Preakness Day 2022, which had a handle of $105.5 million.
In 2021, the betting handle was a staggering $68.7 million wagered on the race.
How Much Money can Bettors Win from a $2 Bet on the Preakness Stakes?
Lucky horse bettors can win substantial amounts of money by making a $2 bet on the Preakness Stakes. Of course, this will all depend on the horse they bet on and the type of horse wager they make.
2024 Early Preakness Stakes odds
The odds for the Preakness Stakes, similar to other horse races in the United States, operate on a pari-mutuel system. This means that the odds are determined by the amount of money wagered by the public. As more money is placed on a particular horse, its odds decrease, indicating its status as a favorite.
2024 Early Preakness Stakes odds and Winnings for a $2 bet straight bet to win
| Horse | Odds | Winnings on a $2 Bet |
| Muth | 11-10 | $4.20 |
| Mystik Dan | 3-1 | $6.00 |
| Tuscan Gold | 5-1 | $10 |
| Imagination | 5-1 | $10 |
| Just Steel | 10-1 | $20 |
| Seize the Gray | 10-1 | $20 |
| Copper Tax | 16-1 | $32 |
| Uncle Heavy | 20-1 | $40 |
| Mugatu | 33-1 | $66 |
How to Bet on the Preakness Stakes
Straight Horse Wagers
These are the most straightforward and convenient methods to place bets on a horse race, as you are solely wagering on a single horse.
- Win – This type of bet involves predicting which horse will emerge as the winner of the race.
- Place – With this bet, you are speculating whether a horse will secure either the first or second position in the race.
- Show – This bet requires you to predict whether a horse will finish in the top three positions, namely first, second, or third.
- Across the Board – By placing an across the board bet, you are essentially combining three different bets into one. This bet encompasses the horse winning, placing, and showing. It is also referred to as a combo straight bet.
Exotic Wagers
Exotic wagers provide the opportunity for bettors to place bets on multiple horses simultaneously. The various types of exotic wagers include:
- Exacta – This bet involves predicting the exact order in which two horses will finish, specifically first and second place
- Quinella – With this bet, you are wagering on two horses to finish in either first or second place, regardless of the order.
- Trifecta – This wager requires you to correctly predict the exact order in which three horses will finish, namely first, second, and third place.
- Superfecta – By placing a superfecta bet, you are betting on four horses to finish in a precise order, encompassing first, second, third, and fourth place.
Today, the Preakness Stakes, continues to captivate racing enthusiasts and celebrate the spirit of competition.
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